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You're precisely correct, You did not have to pay for your iPhone. You chose to.
by wmeredith 16y ago
You're precisely correct, You did not have to pay for your iPhone. You chose to.
- kbutler 16y agoYes, I chose to pay for the phone. Apple chose to sell the phone at a price they felt adequate compensation for their "decades" of work. Apple is currently seeking to leverage their monopoly[1] on the iOS platform by extracting additional rent[2] from content providers. Their probability of success directly correlates with their pricing power. Is this rent-seeking good for Apple customers? Unlikely. Is it legal? Depends on how the FTC views Apple's pricing power. kb [1]In economics, a monopoly exists when a specific individual or an enterprise has sufficient control over a particular product or service to determine significantly the terms on which other individuals shall have access to it. (http://en.wikipedia.org/wiki/Monopoly http://en.wikipedia.org/wiki/Monopoly) [2]http://en.wikipedia.org/wiki/Economic_rent http://en.wikipedia.org/wiki/Economic_rent